Crucial Day for Bitcoin: Will $91,600 Support Hold?

Bitcoin is experiencing a huge drop, and traders in Europe are waking up to the lowest price levels since November 2024. Today, Bitcoin is breaking a critical support level at $91,600, a key level that has held firm since November 2024. This support zone has been a major demand area, and its breakdown marks a significant bearish development.

There is still a possibility for a bullish reversal, especially if the price forms a long lower tail or a hammer candlestick pattern. If Bitcoin manages to reverse sharply and close above the blue support, this would be a fake breakout and would generate a buy signal. However, if Bitcoin closes the day below $91,600, it would confirm a strong sell signal, indicating a bearish continuation.

Looking at the downside targets, the 50% Fibonacci retracement level is the first logical target. Beyond that, the 61.8% Fibonacci level around $75,000 becomes a natural support and target area for Bitcoin, reflecting a deeper correction.

Today is a crucial day for Bitcoin, as the price action around $91,600 will determine the next major move. If the support holds, we could see a sharp recovery, but if it breaks, the bearish momentum could accelerate, leading to a significant decline.

Source: https://www.axiory.com/analytics/technical-analysis/crucial-day-for-bitcoin-will-91-600-support-hold